If you’re like many affordable housing property owners or managers, you’re likely swimming in paperwork and files, desperate for decluttering. While there are many documents you can dispose of, there are many that are critical to your property’s compliance and legal obligations.
A new accounting standards update (ASU) requires all entities that produce financial statements to make a few changes to their classification and disclosures of restricted cash. These changes have multiple effects on not-for-profits and affordable housing properties, including HUD projects.
Not-for-profit organizations are mission-focused and often employ scrappy teams who work in multiple roles with the passion of the cause. However, if your organization grows, it may be worth more to your team to focus on your strength zones and not on keeping your own accounting records.
We get it, not all months are smooth sailing. But when your organization relies on accurate, timely financial statements to guide decisions and discussions, the deadlines are non-negotiable. Take your monthly schedule into your own hands to make sure you’re never late closing the books.
Monthly financial statements are key supports of an organization’s financial stability. They help those in charge of governance make decisions based on their financial position, which means they need to be both accurate and timely. The key to generating financial statements is being able to close the books each month easily and accurately.
If you’ve ever entered a transaction incorrectly, you’ve likely forced an accounting software to correct the mistake using a journal entry. Though this manual override is versatile and powerful, it can also create vulnerabilities in your organization’s financial records.
Organizations that utilize gratitude can have a double impact on both their own employees as well as the people they serve. But when they don’t track purchased gifts carefully, these funds can slip through the cracks and encourage fraudulent purchases.
As of December 31, 2017, partners who sell more than 50% of their interest in a 12-month period no longer have to file a technical termination. This simplifies the tax filing process throughout the year, but organizations should keep their tax preparer informed of these changes so they have up-to-date information for next year’s return.